Banks’ IT spending in 2023 to hit $652 billion

Banks’ IT spending in 2023 to hit $652 billion: Here's what some Big Spenders are focusing on...

From Citi's $1 billion "fat finger" and regulatory intervention driving a massive compliance overhaul, to major cloud migrations, spending continues at scale...

Edward Targett

Jun 21, 2023 - 3 min read

Their procurement cycles may be glacial and for software startups, getting onboarded through compliance regimes that can feel like the seven circles of hell is often a huge challenge, but banks globally remain among some of the biggest technology buyers and will spend $652.1 billion on IT in 2023.

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